Developer Steve Atkins will have the next five years to bring the Laura Street Trio and Barnett Bank buildings back to life in Downtown Jacksonville after City Council approved incentives for the projects.
“It’s been a long time coming,” Atkins, president of SouthEast Development Group, said this morning.
On Tuesday, council approved $9.8 million in incentives for the redevelopment deal, which includes $8 million from the Downtown Historic Preservation and Revitalization Trust Fund and a Recaptured Enhanced Value grant worth up to $1.8 million to be paid out over 20 years.
The incentives hinge on Atkins’ ability to finish the project within 60 months.
For the last seven years, Atkins has been working to start the restoration. He came close in 2015 before a partnership with Jacksonville Jaguars owner Shad Khan fell through.
Even with the setbacks, Atkins said he remained focused and never lost his desire to take on the large project that is significant to the Downtown core.
“I’ve been told this deal was dead several times,” he said. “But something’s only dead if you allow it to die.”
Atkins is a partner with Las Vegas-based Molasky Group on the $90 million project for the two sites.
The Laura Street Trio, which includes the Florida Life, Marble Bank, and Bisbee buildings, will be gutted. It will be transformed into a Courtyard by Marriott hotel and also feature a market, restaurant and rooftop bar.
When completed, the former Barnett Bank building will add about 100 market-rate apartments to the urban core, along with retail and office space.
A 550-space, $11 million parking garage also is part of the project and will be built by the developers on property the city owns at Adams and Laura streets.
Atkins wouldn’t say when crews would begin work.
“As you know, we’ve applied for a few permits, and we’ll be releasing a timeline for construction very soon,” Atkins said.
“I think we’re going to take a bit of an exhale before we continue,” he said.
Atkins said the legislation shows that revitalizing Downtown is a priority for the city’s leadership, and he referred to several other projects.
“We’re seeing the beginning of some real traction with everything else that’s staring to pop up around the city,” he said.
Developments in LaVilla, the Cathedral District, Brooklyn and the Southbank are planned or underway.
Atkins said he hopes his project can change the perception that “there’s nothing to do or see Downtown.”
“It’s the center of our community and it should be everybody’s neighborhood,” he said. “It should be on everyone’s mind when they think of Jacksonville.”
@DavidCawton